Rental trends: Most new homes have suites
by Troy Landreville - Langley Advance
"Mortgage helper" homes, or those constructed with built-in suites, are a growing trend in Langley and the Lower Mainland.
So, if you scan the classified section of the Langley Advance, you'll find that rental suites outnumber rental apartments and houses. The Feb. 13 edition of the Advance advertised 18 suites/partial homes for rent, 11 apartments, and nine full houses.
"There are more suite rentals available now," said Barb Laws, the manager of the Advance's classified ad service. "Most of the homes being built today have mortgage helpers."
There's been a slight decrease in the number of available rental units across the board, Laws said, simply because "there's a high demand for rentals, period."
Laws said the turnover rate for rental suites tend to be higher because most people renting basement or upper-floor suites aren't thinking long term.
"Homes and apartments tend to have longer rental terms because people generally have the intention of staying longer," Laws said. "People renting out [secondary] suites are more likely to re-rent over the next year or so. We call everybody back when their ad comes due and we find that rentals are less likely to renew their ads, because they are renting so quickly. Langley, for example, has a really strong rental market."
If you are a renter looking online, two listings to watch are www.rentlangley.com and www.places4rent.com.
published on 02/16/2007
The Schacter Team - Langley Real Estate